The interview was a very insightful discussion about the current credit crisis (the Wall Street bailout) and what he sees as the likely scenario for America moving forward. It is described as a "must watch video" for anyone interested in gaining knowledge about the current market conditions.
One point that surprised me was Warren Buffett's support for Barack Obama, his proposed tax plan and stimulus package of giving a tax rebate to low and middle class tax payers.
I've taken the liberty to highlight key moments of the interview and note where in the video these topics start on the time clock. The video starts off slow, but gets much more interesting further in. I would recommend viewing the full video if you have the time, otherwise, go to the topics that interest you below.
Time Stamp / Topic
- 37:22 -- America - as good as it is, we'll going to have to share our supremacy.
- 38:35 -- American debt: We're consuming $ 2 billion per day more than we are producing in goods and services !
- 40:45 -- What's all of this going to do to the price of the dollar?
- 41:15 -- Senator Obama, who you support and the stimulus program he is proposing for the middle class. Buffett agrees that is should be directed at this level and not be directed to the top 10%.
- 41:38 -- Warren Buffett says, "I've never had it so good (under the current Republican tax structure). I am paying the lowest tax rate in my entire life and that's CRAZY. 95% of Americans should be and can be paying less under the new Obama tax plan. McCain is against that plan."
- 41:56 -- People in my (Buffett's) situation should be paying more - not less taxes.
- 42:10 -- A stimulus plan should be directed to "the people" (not the top 10%) who would in turn, spend it to buy goods and services, and thus help kick-start the economy.
- 44:35 -- The fallacy that the top 1% of income earners pays more on a percentage basis is false and what they don't tell you.
If you have the time, take it to educate yourself on what is going on in our economy. Warren Buffett breaks it down into a simple to understand concepts.
What was most interesting to me however, was his support for Barrack Obama. You rarely hear this kind of rhetoric from the true capitalist - and after you hear why, you'll begin to understand that they feel that the party may soon be over and be asked to pay their fair share.
Warren Buffett Interview by Charlie Rose on Oct. 1, 2008
